August252013

Q&A: Can anyone recommend a website which invests in the forex trade with investors money so I dont have to?

I want to trade in forex but would rather get an agent to do this,does this happen? and can anyone recommend a website to do this?…I am not looking for scam HYIP websites

goldsenze.com Answer:

That’s right…. there’s plenty of legit web sites/brokers that trade in Futures & Forex for clients. They are not hyped & to a large degree are “legit”. Most of the traders that are successful & trade for average sized accounts $ 10,000 – $ 500,000 can do well…. at times. Other times they can easily lose 50% or more of an accounts value. This happens especially with the ones with outrageously high returns for a small period of time.

Even though you won’t be trading, you need to understand the market in order to pick the best trader. Read some books. Read some magazines;

August232013

Q: Is it possible to lose more money than you invest in Forex trading?

They have those auto pilot programs that have you invest 50 dollars starting. Not a huge investment, and wont spit out a lot of money in the long run, but If you invested 50 dollars in a forex program, is it possible to end up owing more than you invested? Or is it just that you can lose 50 dollars and end up back at 0, and not in the negative? Just curious.

Goldsenze Answer:

i think it is, unlike stock your losses and gains are theoretically unlimited.

Forex trading is personality bound which makes it difficult for someone to figure out what works for you. You’ll have to start studying the most popular technical indicators and find out which setup works for you. Some traders are successful with for example a “moving average-candle patterns-oscillator” configuration, others fail with the very same setup.
So you need to work at it in making a trading plan that is consistent and that you can use over and over again.
You could do a course but then again there’s no guarantee of success exactly because someone else’s’ trading plan is not always “transferable”.
You need to feel comfortable with certain technical indicators and the most popular ones are the following (in random order):

These indicators are all you need to find your personal setup. You do not need to use all of them, 2 or 3 is enough. Some traders use RSI with Boll. bands and an oscillator, other only exponential moving averages and candle patterns, …etc.

Keep in mind, however, that price is the ultimate indicator. Technical indicators are merely tools to help you guide through the waves of the market, in other words, how price is currently behaving. You therefore need to establish whether price is ranging or trending up or down). Once established how price is moving , the next step would be applying the indicators.

One more tip, the larger the time frame the more reliable signals are. A buy signal on a daily chart is more reliable than on a 5 minute chart because a daily chart holds much more market information. This doesn’t necessarily mean you can’t trade with 5 minute or other short term timeframes, it means you need a larger timeframe to back up your trading decisions on the 5 minute.

Words of wisdom:

- Always start with a free practice account
- The Forex market is not a get-rich-quick opportunity
- Beware of fear and greed, you HAVE TO be relaxed
- What you see on the charts is the absolute truth, so believe what you see. If the charts don’t make sense then you are absolutely right. Wait for the market to be less confusing.
- Patience is a virtue.
- Losses are part of the game, with a solid trading plan there’s no need to fear a loss once in a while, because the confidence you have in yourself and the trading method let you know the next trades will be winners.
- Always limit your losses, either with a automated stoploss or a mental stoploss.

Playing Forex can appear alluring, but the majority of people who try it lose money. All you have to do is do a web search on the words “Forex” and “lose” to see this is the consensus.

Forex is similar to what we call a “zero sum” game. You are making a bet with someone else about whether a currency will rise or fall. For every winner there has to be a loser. The net winnings of everyone combined equals zero. If you are smarter than the average player, you may make money. If you are dumber than the average player, you are likely to lose money. Most of the people making the “bets” in Forex are highly trained professionals at banks and other institutions. You are unlikely to beat them at this game.

Actually Forex is not quite a zero sum game. It’s a slightly negative sum game as the Forex broker takes a small percentage each time in the spread. It’s a small amount but over a hundred trades, it ends up being a considerable amount of money. So the average player is likely to lose money, and remember the average player is a highly trained professional and probably smarter than you.

There is a lot of luck in Forex, and if you play it, you will have some periods of time where you make money. This is usually because you are having a lucky streak, not because you have suddenly become an expert Forex player. However, most people are unwilling to admit their success is due to luck. They become convinced they have a system that works, and lose a lot of money trying to refine it.

Further complicating the problem is the large number of Forex scams on the internet. Most Forex websites are of questionable honesty. You will find many people on the Internet that claim they made a lot of money using Forex. They are usually liars trying to make money. They will say: “Go to Forexcrap,com/q2347.” The “q2347″ is a signal to the Forexcrap site that you are being referred to them by “q2347.” If they sell something to you, “q2347″ gets a kickback. These coded signals can be hidden by different methods in the link. Other people will refer you to their own private website or blog for the purpose of trying to get money off you. Also there are a good number of trolls out there that like to pretend they are successful forex traders just for the fun of it.

I would recommend not trying to do Forex at all, unless you are a trained professional. It’s like playing poker with people better than you, with the house constantly taking a small percentage from the pot.

You’re in for a big, rude surprise….. there is no such thing. Day Trading Forex, Stocks etc can take 3-5 years to master…. assuming you’re not one of the 95% that fail within the first year.

To believe someone could pass this type of information on to you via Yahoo Answers means you’ve got a lot to learn. Trading is an art & a science. Two of the most important factors are psychology and trading money management. Technical Analysis is less than 50% of the “formula”.

Two of the most well known FX Traders wrote a book titled;
Millionaire Traders
This book by Kathy Lein & Boris Schlossberg will be the start of many books you’ll need to read…… Start here… so you at least get a sense of what you’re up against.

August172013

I’m looking to get into forex trading, of course first practicing with a practice account first for a while. What’s a good site where I could start with practicing and would later on have no commission trades and tight spreads? Preferably, a site that allows microlots would be great. Any suggestions? Thanks.

Goldsenze Answer:

With OANDA, you can have no commission, tight spread, and lot as low as USD 1.

Corporations in which individual investors place their money have exposure to fluctuations in all kinds of financial prices, as a natural by-product of their operations. Financial prices include foreign exchange rates, interest rates, commodity prices and equity prices. The effect of changes in these prices on reported earnings can be overwhelming. Often, you will hear companies say in their financial statements that their income was reduced by falling commodity prices or that they enjoyed a windfall gain in profit attributable to the decline of the Canadian dollar.

August122013

FAQ: How was your Forex trading impacted by the recent market activities?

I am just wondering how different people were impacted by the stock market movements these past few days. Where your Forex accounts impacted as much or less than people with stock and mutual funds accounts?

Answer:

The news affected my long stocks although some have recovered pretty well. One coming up to earnings next week (NTO) gained back everything and a little more. I had opened up 3 shorts on Monday morning (IMGN, PRXI and MEH) that far exceeded my expectations because of the China sell-off. Two longs I also opened on Monday got dumped (OPSW and ACTU)

I’m making a killing on the USDJPY. Sold $ 100k on Sunday when it broke 121, sold another 200k late Monday night when it broke 120 and did another 100k Tuesday morning when it broke 119. Closed out 300k today at 116.73 and am holding the other 100k over the weekend.

Between stocks and Forex, this is one of the best weeks I’ve had in quite a while.

August102013

I trade stocks regularly but was wondering if anyone found Forex more appealing than trading the DOW, NYSE or NASDAQ? Also, has anyone profited more than they thought they would? Please no answers trying to sell me your proven methods. Thanks.
Poloman1690, thank you for your honest answer and the link.

Goldsenze Answer:

Tough question. Pretty much you are just speculating which way the currency will go without any true analysis.

Go ahead and give me the thumbs down but there are no earnings or financial statements to make an educated guess. Sure there will be some who make money at this moment but who knows about the future. Someone could think that selling crack is a great investment but they will get burnt at some point.

August082013

like i do forex trading online (ETORO) and if i hit a profit of 200,000$ and deposit it to my bank using paypal, will they ask me where did you get the money and how can i show them that i trade onlnie sitting at home?

goldsenze.com Answer:

You only pay capital gains tax on whatever profit you’ve made. I don’t trade online, but this information can presumably be downloaded somewhere from the website as well as your entire transaction history. This is paid annually. Don’t the companies you invest in mail you a statement for tax purposes?

August042013

I am a good forex traders, i made very good profit in forex trading on demo accounts of many brokers ….i dont have much money to invest fore real account, i am ready to trade for others who is willing to invest for forex ?
how can i get investors ?

August012013

I’ve found plenty of graphs which show stock/commodity/forex prices by day, but they seem to use calendar days. I’m interested in the closing price. For example, the price of Gold each day at the time the NYSE closed.